ELEMENT 25 LIMITED — Director's Dealing 2011

Jul 24, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	MONTEZUMA MINING COMPANY LIMITED
ABN	46 119 711 929

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Justin Brown
Date of last notice	3 December 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct & Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	(b) Held by Aradia Ventures Pty Ltd, a companyassociated with Mr Brown.(c)Held by Mr Brown’s wife
Date of change	22 July 2011
No. of securities held prior to change	a) 60,000 ordinary shares2,500 (20 cent options), expiry 31/8/2011b) 1,030,000 ordinary shares1,007,500 (20 cent options), expiry 31/8/20111,000,000 (35 cent options), expiry 31/8/20111,500,000 (35 cent options), expiry 23/7/20112,000,000 (20 cent options), expiry 30/11/2012500,000 (65 cent options), expiry 30/11/2015c) 10,000 ordinary shares2,500 (20 cent options), expiry 31/8/2011
Class	i) Ordinary Fully Paid Sharesii) 35 cent options expiring 23 July 2011iii) 35 cent options expiry 31 August 2011
Number acquired	i) 1,000,000
Number disposed	ii) (1,500,000)iii) (1,000,000)

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	i) $200,000ii) $150,000iii) $100,000
No. of securities held after change	a) 60,000 ordinary shares2,500 (20 cent options), expiry 31/8/2011b) 2,030,000 ordinary shares7,500 (20 cent options), expiry 31/8/20112,000,000 (20 cent options), expiry 30/11/2012500,000 (65 cent options), expiry 30/11/2015c) 10,000 ordinary shares2,500 (20 cent options), expiry 31/8/2011
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	i) Exercise of options.ii) Off market tradeiii) Off market trade

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Were the interests in the securities or contracts No detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow N/A the trade to proceed during this period?

If prior written clearance was provided, on what N/A date was this provided?

==> picture [163 x 63] intentionally omitted <==

John Ribbons Company secretary

25 July 2011

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3